Schroder REIT proposes issuing 80 million new shares

By Emily.Perryman

Created 24/03/2014 - 07:33

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The board of Schroder Real Estate Investment Trust (REIT) is proposing to issue up to 80 million new shares at 50.25 pence per share to raise approximately GBP40.2m by way of an initial placing and offer for subscription.

Schroder REIT is also proposing a placing programme to fund future acquisitions that support the company’s investment objective and acquisitions criteria in the period from 18 April 2014 to 19 March 2015.

The issue of ordinary shares on a non-pre-emptive basis requires shareholder approval.

New shares will only be issued to new and existing shareholders at a premium to the prevailing net asset value (NAV) at the time of issue in order to take account of the costs of such issue and will therefore be accretive to the prevailing NAV for existing shareholders.